As confirmed on 28 December 2020, the German bank Commerzbank will be cutting 2,300 jobs in Germany until 2024 due to internal restructuring. Management and works’ council agreed to post €610 million in costs in the fourth quarter of 2020. This money will be used for the reduction of 2,300 jobs between 2021 and 2024. The new CEO will start on 1 January 2021 and is expected to make further cuts which could add up to 10,000 job cuts in the end. The bank is currently in a difficult situation driven by the COVID-19 pandemic, low interest rates and digitalisation.
Commerzbank has 39,000 employees.